Bolt Metals Announces Debt Settlements
Vancouver - Bolt Metals Corp. ("Bolt" or the "Company") (TSXV: BOLT) (OTCQB: PCRCF) (FSE: A3D8AK), announces it has entered into debt settlement agreements (the "Settlement Agreements") to settle outstanding debts owed to certain arm's length creditors (the "Creditors") totaling an aggregate of CAD $117,535.00 (the "Debt Settlement"). Pursuant to the Settlement Agreements, the Company has agreed to issue an aggregate of 11,753,500 common shares ("Shares") at a deemed price of CAD $0.01 per Share. All Shares issued pursuant to the Settlement Agreements will be subject to a four (4) month and one (1) day hold period, pursuant to National Instrument 45-106 - Prospectus Exemptions.
The board of directors of the Company determined that it is in the best interests of the Company to complete the Debt Settlement in order to preserve the Company's cash for working capital.
About Bolt Metals Corp.
Bolt Metals Corp. is a North American mineral acquisition and exploration company focused on the development of quality precious and base metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Bolt's portfolio of strategic properties provides target-rich diversification and also include Soap Gulch, a copper SEDEX project in Montana, and Switchback, a copper-silver project located in British Columbia. Bolt trades on the CSE Exchange under the symbol BOLT, the OTCQB Exchange under the symbol PCRFC and in Germany under the WKN A3D8AK.
Bolt Metals Corp.
Branden Haynes - Director and CEO
(604) 817-1595
info@boltmetals.com
Reader Advisory
This news release may contain statements which constitute "forward?looking information". The words "may", "potential", "should", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions, are intended to identify such forward?looking statements. Such statements include but is not limited to, statements with respect to the completion of the Debt Settlements, the issuance of the Shares in connection with the Settlement Agreements, and the Company's intention to preserve cash for working capital purposes. Forward-looking information is based on a number of factors and assumptions that management believes to be reasonable at the time such statements are made, including, but not limited to, the timely receipt of all necessary regulatory approvals and the Company's ability to continue as a going concern. Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. Such risks include, without limitation: the risk that the Debt Settlements may not be completed as contemplated or at all; regulatory or other approvals not being obtained in a timely manner, if at all; and general business, economic, competitive, political, and social uncertainties. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by law.
The Canadian Securities Exchange has not approved or disapproved this news release.
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